ED Financing Question - M5POST

chillin4now · 08-29-2012, 11:00 AM

Is there any reason my CA "needs" me to come in and do final paperwork now if my ED date is 9/15?
Other than the obvious explanation of before end of the month?

AGS · 08-29-2012, 11:32 AM

Quote:

Originally Posted by philly-dee

Is there any reason my CA "needs" me to come in and do final paperwork now if my ED date is 9/15?
Other than the obvious explanation of before end of the month?

The paperworks needs to be signed in advance, and 2 weeks is the common lead time I've heard. However, I went in on the 8/18 for a 9/1 ED. I signed the contract and handed over the check, but we post-dated the contract to the 25th.

raymeechen · 08-29-2012, 12:13 PM

My CA wanted the complete car paid for 30 days before pick up. I thought this one of the ED rule... or am I mistaken?

AGS · 08-29-2012, 12:21 PM

Quote:

Originally Posted by raymeechen

My CA wanted the complete car paid for 30 days before pick up. I thought this one of the ED rule... or am I mistaken?

The paperwork has to be done in advance, but not that far. As I mentioned in my previous post, I paid and signed 2 weeks in advance but my dealer backdated the paperwork a week (so dated and submitted 1 week prior to my scheduled delivery) to minimize the time I was paying for a car that is still sitting in Munich. He put up zero resistance to my request so I don't think there's a hard-and-fast rule other than being done in advance. They didn't even cash the check until the date on the contract. I'd push back on your dealer's requested timing.

stealth.pilot · 08-29-2012, 01:14 PM

There have been threads on this before. I don't understand the full mechanics or process that gets triggered by the paperwork, but I understand it is a requirement for all ED trips. I do know that 2 weeks is on the early end but fairly typical. 1 week is considered cutting it very close and makes sales people very worried.

I'm going to complete my paperwork either this Saturday or on Monday for my 9/14 delivery.

chillin4now · 08-29-2012, 02:29 PM

Can a US ED customer that has done their paper work PM me if you have a chance. I woudl like to compare financing notes.
I am doing multiple SD's (7 total) so MF shoudl be .00126, correct? Also, what aquisition costs are you seeing?

AGS · 08-29-2012, 02:41 PM

Quote:

Originally Posted by philly-dee

Can a US ED customer that has done their paper work PM me if you have a chance. I woudl like to compare financing notes.
I am doing multiple SD's (7 total) so MF shoudl be .00126, correct? Also, what aquisition costs are you seeing?

Yes, .00126 is correct. It's the .00145 base rate plus .0003 ED mark-up less .00049 for the max (7) MSDs.

My acquisition costs were first month payment, $725 bank fee, roughy $500 for registration/docs/tire fee (yours will be different outside of NJ) and roughly $370 luxury tax.

Feel free to PM me a phone number if you'd like to discuss anything.

Tigumz · 08-29-2012, 08:38 PM

Those money factor rates are the same I was quoted, but I did other financing...
One likely reason to "bring you in" is to put you through the grinder with the F and I guy to sell you extended warranties at retail pricing, protective coatings, wheel insurance, tire insurance "don't want to pay prematurely to replace those expensive run-flat tires, do you?". So just remember, when they "bring you in", you have the right to remain silent, anything you say can and will be used to extract more money from you......

PatrickC23 · 01-09-2013, 12:05 PM

I forget the answer and am getting closer to my ED. Do you have to use BMWFS for ED? I was going to use my credit union and just bring them two checks for full payment.

Bimmer6 · 01-09-2013, 09:22 PM

Quote:

Originally Posted by Patsc23

I forget the answer and am getting closer to my ED. Do you have to use BMWFS for ED? I was going to use my credit union and just bring them two checks for full payment.

Full payment must be made prior to your ED arrival at your purchasing dealer. I believe it's two weeks before arrival, and they will send all your final docs.

PatrickC23 · 01-09-2013, 10:13 PM

Quote:

Originally Posted by Bimmer6

Full payment must be made prior to your ED arrival at your purchasing dealer. I believe it's two weeks before arrival, and they will send all your final docs.

Right, but can you use a credit union for financing rather than BMW FS? Ive read on some post that they require BMWFS for ED, which Im skeptical of, why would BMW care where the money is coming from?

Rohardi · 01-09-2013, 11:10 PM

Quote:

Originally Posted by Patsc23

Right, but can you use a credit union for financing rather than BMW FS? Ive read on some post that they require BMWFS for ED, which Im skeptical of, why would BMW care where the money is coming from?

I could be wrong, but I don't know if is so much an issue with BMW if you use your credit union for financing, but wether or not your credit union will allow you to do ED and use the funds to finance a car that will be in Germany when you take delivery. I THINK most people use BMW financial for ED, and refinance the loan with their credit union when they take re delivery. I could be wrong though.

Bimmer6 · 01-10-2013, 06:44 AM

Quote:

Originally Posted by Patsc23

Right, but can you use a credit union for financing rather than BMW FS? Ive read on some post that they require BMWFS for ED, which Im skeptical of, why would BMW care where the money is coming from?

Yes you can use a banking institution of your choice. Your dealer will get a check from your institution, and they will be the lien holder on the vehicle. I used my credit union to finance the car, and they cut a check which I fedex'd to the dealer out of state. Returned from ED I paid repaid the credit union loan before the first payment arrived. Felt more secure using credit union funds first ED purchase, and out of state dealer. You should be good to go .........

PatrickC23 · 01-10-2013, 12:56 PM

Quote:

Originally Posted by Bimmer6

Yes you can use a banking institution of your choice. Your dealer will get a check from your institution, and they will be the lien holder on the vehicle. I used my credit union to finance the car, and they cut a check which I fedex'd to the dealer out of state. Returned from ED I paid repaid the credit union loan before the first payment arrived. Felt more secure using credit union funds first ED purchase, and out of state dealer. You should be good to go .........

Awesome - my credit union is offering 1.49% right now so cant pass that up. Last time they just cut me the check and I brought it to delivery.

Bimmer6 · 01-10-2013, 07:01 PM

Quote:

Originally Posted by Patsc23

Awesome - my credit union is offering 1.49% right now so cant pass that up. Last time they just cut me the check and I brought it to delivery.

Good luck but I do believe you have to have all payments final before you depart. Others can chime in, but I had to satisfied payment or financing prior to receiving final paper work. Good luck

PatrickC23 · 01-11-2013, 09:04 AM

Quote:

Originally Posted by Bimmer6

Good luck but I do believe you have to have all payments final before you depart. Others can chime in, but I had to satisfied payment or financing prior to receiving final paper work. Good luck

Oh by delivery, I meant when i go to my dealer in the US prior to ED. Sucks for people leasing though, they have to make two payments during the shipping process?

M54ccibo · 01-11-2013, 10:21 AM

Quote:

Originally Posted by Patsc23

Oh by delivery, I meant when i go to my dealer in the US prior to ED. Sucks for people leasing though, they have to make two payments during the shipping process?

Nope. When leasing (via BMWFS), there is a slight markup in the MF to compensate for BMWFS to make the second payment. You pay one when taking delivery prior to leaving for Munich, they pay the second month. For me, I paid the third month and took redelivery approximately 10 days into that month. Took almost 8 weeks for me to get the car back here in California.

PatrickC23 · 01-11-2013, 11:53 AM

Quote:

Originally Posted by M54ccibo

Nope. When leasing (via BMWFS), there is a slight markup in the MF to compensate for BMWFS to make the second payment. You pay one when taking delivery prior to leaving for Munich, they pay the second month. For me, I paid the third month and took redelivery approximately 10 days into that month. Took almost 8 weeks for me to get the car back here in California.

Cool - not bad at all. Counting the days to ED

M54ccibo · 01-11-2013, 12:12 PM

Quote:

Originally Posted by Patsc23

Cool - not bad at all. Counting the days to ED

Remembering back to September, it seemed like time stopped the last couple weeks before leaving. Enjoy!

08-29-2012, 11:00 AM	#1
chillin4now First Lieutenant Drives: F10 M5 at Home Join Date: Apr 2012 Location: Smocation Posts: 322 iTrader: (0)	ED Financing Question Is there any reason my CA "needs" me to come in and do final paperwork now if my ED date is 9/15? Other than the obvious explanation of before end of the month? __________________ Because; whats behind me doesnt matter.
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08-29-2012, 01:14 PM	#5
stealth.pilot Knight Commander /// Drives: 2013 M5 Individual Join Date: Aug 2010 Location: South East USA Posts: 2,268 iTrader: (0)	There have been threads on this before. I don't understand the full mechanics or process that gets triggered by the paperwork, but I understand it is a requirement for all ED trips. I do know that 2 weeks is on the early end but fairly typical. 1 week is considered cutting it very close and makes sales people very worried. I'm going to complete my paperwork either this Saturday or on Monday for my 9/14 delivery. __________________ 2013 ///M5 Individual Monte Carlo Blue, Platinum Full Individual Merino, Platinum Alcantara, Piano Black, Exec Pkg, Drivers assistance pkg, Bang and Olufsen, 20" wheels Eisenmann Sport Exhaust, Bel STiR+, Laser Interceptor QUAD HP, Zaon MRX

08-29-2012, 02:29 PM	#6
chillin4now First Lieutenant Drives: F10 M5 at Home Join Date: Apr 2012 Location: Smocation Posts: 322 iTrader: (0)	Financing Help From Fellow ED Customers who Have Done Paperwork Can a US ED customer that has done their paper work PM me if you have a chance. I woudl like to compare financing notes. I am doing multiple SD's (7 total) so MF shoudl be .00126, correct? Also, what aquisition costs are you seeing? __________________ Because; whats behind me doesnt matter.

01-09-2013, 12:05 PM	#9
PatrickC23 Major Drives: A rental car for 6-8 weeks Join Date: Apr 2012 Location: NNJ Posts: 1,031 iTrader: (0) Garage List 2013 BMW ///M5 [0.00]	I forget the answer and am getting closer to my ED. Do you have to use BMWFS for ED? I was going to use my credit union and just bring them two checks for full payment. __________________ Retired - 2009 C63 l 2007 Supercharged RRS l 2002 e46 SMG ///M3 l 2001 e46 330ci Alpine White/Sakhir Orange F10 M5 - 20" Modulare Matte Titanium Brushed B18s

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08-29-2012, 12:13 PM	#3
raymeechen Private Drives: E84 sDrive, F10 M5...expecting Join Date: Sep 2006 Location: Manhattan; Taiwan-South Posts: 86 iTrader: (0) Garage List 2011 BMW X1 [0.00]	My CA wanted the complete car paid for 30 days before pick up. I thought this one of the ED rule... or am I mistaken?

08-29-2012, 08:38 PM	#8
Tigumz Private First Class Drives: 1M,VO; F10M5; Others Join Date: Sep 2011 Location: SW Ohio Posts: 134 iTrader: (0) Garage List 2013 BMW M5 [0.00] 2007 Lotus Exige S [0.00] 2011 Bmw 1M [0.00]	Those money factor rates are the same I was quoted, but I did other financing... One likely reason to "bring you in" is to put you through the grinder with the F and I guy to sell you extended warranties at retail pricing, protective coatings, wheel insurance, tire insurance "don't want to pay prematurely to replace those expensive run-flat tires, do you?". So just remember, when they "bring you in", you have the right to remain silent, anything you say can and will be used to extract more money from you......